Ahead of the issue opening, the GMP is around 9% over the issue price.
The IPO comes on the back of All Time Plastics’ five-decade journey as a trusted contract manufacturer of plastic consumerware products.
Known for supplying to global retail giants like IKEA, Tesco, Asda, and Michaels, the company is now looking to expand its footprint by significantly scaling capacity and strengthening its branded portfolio in the domestic market.
The company operates on a predominantly B2B model but has steadily diversified into the B2C segment under its in-house “All Time” brand. Its current SKU count stands at 1,848 products across categories like kitchenware, bathware, storage containers, and child-friendly items.
Three manufacturing units located in Daman, Silvassa, and Manekpur contribute to an installed capacity of 33,000 TPA as of FY25.The IPO proceeds will be used for repaying debt (Rs 143 crore), purchasing new machinery for the Manekpur facility (Rs 113.7 crore), and meeting working capital and general corporate requirements. The planned expansion is expected to enhance manufacturing efficiency and support increasing demand from both global and domestic clients.From FY23 to FY25, All Time Plastics has demonstrated consistent financial growth. Revenue rose from Rs 443 crore to Rs 558 crore, while PAT improved from Rs 28 crore to Rs 47 crore. EBITDA margin improved to 18.12% in FY25, and return on equity stood at 19.01%. At the upper end of the price band, the stock is valued at a P/E of 30.52x and P/B of 5.80x.
Should You Subscribe?
Analysts suggest a ‘Subscribe’ rating for investors with a medium to long-term horizon. “The company’s robust export presence, long-standing client relationships, strong margin profile, and upcoming capacity expansion support its growth outlook. Compared to peers like Shaily Engineering (P/E 78.93x) and Cello World (P/E 38.18x), All Time Plastics appears reasonably valued,” said Canara Bank Securities.
However, risks such as lack of long-term supply agreements with clients, raw material price volatility, and pricing pressure from global retailers should be noted.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)